In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
The historical rank and industry rank for First Real Estate Investment Trust's Net Current Asset Value or its related term are showing as below:
FESNF's Price-to-Net-Current-Asset-Value is not ranked *
in the REITs industry.
Industry Median: 8.14 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
First Real Estate Investment Trust (OTCPK:FESNF) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
First Real Estate Investment Trust Net Current Asset Value Related Terms
First Real Estate Investment Trust Net Current Asset Value Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Real Estate Investment Trust Net Current Asset Value Chart
FESNF vs WELL, VTR, DOC: Net Current Asset Value Comparison
For the REIT - Healthcare Facilities subindustry, First Real Estate Investment Trust's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Real Estate Investment Trust Price-to-Net-Current-Asset-Value vs REITs Industry
For the REITs industry and Real Estate sector, First Real Estate Investment Trust's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where First Real Estate Investment Trust's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $-0.17 mean?
First Real Estate Investment Trust (FESNF) has a Net Current Asset Value of $-0.17 as of Dec. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on First Real Estate Investment Trust and its competitors. According to the industry distribution chart, First Real Estate Investment Trust ranks #999999 out of 111 companies in the REITs industry.
Is First Real Estate Investment Trust's Net Current Asset Value too high?
First Real Estate Investment Trust's current Net Current Asset Value is $-0.17. Based on the distribution chart, First Real Estate Investment Trust ranks #999999 out of 111 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, First Real Estate Investment Trust has a GF Score™ of 43/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Real Estate Investment Trust's Net Current Asset Value compare to WELL and VTR?
According to the REITs industry distribution chart, First Real Estate Investment Trust ranks #999999 out of 111 companies for Net Current Asset Value. This places First Real Estate Investment Trust in the lower half of its industry. The industry median Net Current Asset Value is 8.14. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a REITs company?
The median Net Current Asset Value among REITs companies is 8.14, based on 111 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on First Real Estate Investment Trust and its competitors. For the REITs industry, the median Net Current Asset Value is 8.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Real Estate Investment Trust's current Net Current Asset Value is $-0.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, First Real Estate Investment Trust (FESNF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.22, compared to a current price of $0.19 — trading 13.6% below its estimated fair value. The current Net Current Asset Value is $-0.17. First Real Estate Investment Trust's overall GF Score™ is 43/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For First Real Estate Investment Trust (FESNF), the current Net Current Asset Value is $-0.17 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Real Estate Investment Trust (FESNF) Overvalued in 2026?
Based on GuruFocus' analysis, First Real Estate Investment Trust stock appears to be undervalued.
The current stock price of $0.19 is trading 13.6% below its estimated GF Value™ of $0.22.
GuruFocus considers First Real Estate Investment Trust to be Modestly Undervalued.
Key valuation signals for FESNF:
Net Current Asset Value: $-0.17
GF Value™: $0.22 vs. price of $0.19 (13.6% below fair value)
No single metric tells the full story. See the FESNF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Real Estate Investment Trust Business Description
First Real Estate Investment Trust is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia. The Trust has a portfolio of 32 properties across Asia. These include 15 properties in Indonesia comprising 11 hospitals, two integrated hospitals & malls, one integrated hospital & hotel, and one hotel & country club; three nursing homes in Singapore; and 14 nursing homes in Japan.
43GF Score
Get the complete analysis for FESNF
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